FACTBOX-Amazon to get billions in breaks for HQ2 development

Amazon.com Inc said on Tuesday
it had split its $5 billion second headquarters into two
projects that would be located in the Long Island City
neighborhood of New York City's Queens borough and a Northern
Virginia suburb of Washington, DC.

Each would have up to 25,000 jobs and Amazon will create a
new facility in Nashville with 5,000 jobs.

The retailer said it will get billions of dollars as direct
incentives from the three selected cities, contingent to
creating a specific number of jobs.

Below is the break-down of incentives the selected cities
are offering the online retail giant:

NEW YORK CITY

Total Incentive - $1.525 billion

This includes a refundable tax credit through the state's
Excelsior Program of up to $1.2 billion - $48,000 per job for
25,000 jobs with an average wage of over $150,000.

A cash grant from Empire State Development of $325 million.

The incentives will flow over the next decade as Amazon
creates more jobs and occupies more buildings.

Amazon can also apply for other tax incentives, including
New York City's Relocation and Employment Assistance Program
that offers annual tax breaks of $3,000 per job, potentially
worth $900 million over 12 years for Amazon. What benefit the
company would actually get was unclear.

ARLINGTON, VIRGINIA

Total Incentive - $573 million

The incentives include a cash grant from the Commonwealth of
Virginia of up to $550 million, or $22,000 per job, for creating
25,000 jobs with an average wage of over $150,000 over the next
12 years.

A cash grant of $23 million over 15 years based on the
incremental growth of the existing local Transient Occupancy
Tax, a tax on hotel rooms.

The Commonwealth of Virginia is also investing $195 million
in infrastructure in the neighborhood, including improvements to
the Crystal City and the Potomac Yard Metro stations and a
pedestrian bridge connecting National Landing and Reagan
National Airport.

Arlington will also dedicate an estimated $28 million based
on 12 percent of future property tax revenues earned from an
existing Tax Increment Financing (TIF) district for on-site
infrastructure and open space in National Landing.

NASHVILLE, TENNESSEE

Total Incentive - up to $102 million

These include a cash grant for capital expenditures of $65
million, or $13,000 per job, for employing 5,000 people over the
next seven years with an average wage of over $150,000.

A cash grant of up to $15 million, or $500 per job, from the
city of Nashville over the next seven years.

A job tax credit to offset franchise and excise taxes from
Tennessee of $21.7 million based on $4,500 per new job over the
next seven years.
(Reporting by Arjun Panchadar in Bengaluru; Editing by Sriraj
Kalluvila)

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)